14th Nov 2024 - PostMortem on Nifty - Will we break 23000?
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Nifty Stance Bearish ️⬇️
In last week's report, we changed the stance to moderately bearish and kept a stop loss of 24394 for a neutral stance. What happened on Monday was quite unexpected, we rallied almost 340 points from the opening low and I had to exit my position at a minor loss. Right after the exit, the markets fell proving me wrong again.
We also said 23854 will be the support level below which we will go aggressively short. We took out this on Tuesday itself. Wednesday we had a beautiful down day and we touched 23509. On Thursday, the expiry day, we saw some stability in the trade but that did not prevent us from seeing a new swing low of 23484. Since Friday is holiday, the week's session ended Thursday itself and the final tally is -550pts ~ -2.28% down.
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Our view is fully bearish and the positions taken for the next weeklies are:-
Sell 23500 CE
Buy 23600 CE
Max profit: 11170
Max loss: -8830
Breakeven level: 23555
If the market rises above 23555, we may have to firefight and save the extreme loss. 23649 may give some resistance as per the chart, so let's see what the market has in store for us next week.
Meanwhile, BankNifty had its last weekly expiry this week and as informed earlier, we stopped tracking that index and are seriously considering Sensex for intraday algo strategies.
Nifty Stance Bearish ️⬇️
In last week's report, we changed the stance to moderately bearish and kept a stop loss of 24394 for a neutral stance. What happened on Monday was quite unexpected, we rallied almost 340 points from the opening low and I had to exit my position at a minor loss. Right after the exit, the markets fell proving me wrong again.
We also said 23854 will be the support level below which we will go aggressively short. We took out this on Tuesday itself. Wednesday we had a beautiful down day and we touched 23509. On Thursday, the expiry day, we saw some stability in the trade but that did not prevent us from seeing a new swing low of 23484. Since Friday is holiday, the week's session ended Thursday itself and the final tally is -550pts ~ -2.28% down.
---
Our view is fully bearish and the positions taken for the next weeklies are:-
Sell 23500 CE
Buy 23600 CE
Max profit: 11170
Max loss: -8830
Breakeven level: 23555
If the market rises above 23555, we may have to firefight and save the extreme loss. 23649 may give some resistance as per the chart, so let's see what the market has in store for us next week.
Meanwhile, BankNifty had its last weekly expiry this week and as informed earlier, we stopped tracking that index and are seriously considering Sensex for intraday algo strategies.
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